April 07, 2017

Senators introduce 21st Century Glass-Steagall Act

Senators Elizabeth Warren (D-Mass), John McCain (R-Ariz), Maria Cantwell (D-Wash), and Angus King (I-Maine) have introduced the 21st Century Glass-Steagall Act, which would "re-establish the wall between commercial and investment banking and make our financial system more stable and secure," Warren said. According to Warren's press release, the original Glass-Steagall legislation was introduced in response to the financial crash of 1929 and separated depository banks from investment banks. The core provisions of this bill were repealed by the Gramm-Leach-Bliley Act in 1999.